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Munich Re held prostitute party

A bottle of champagne being opened

Munich Re rewarded high-performing agents with 20 prostitutes at a party held in Budapest in 2007, according to a story to be published today in German newspaper Handelsblatt.

About 100 guests gathered at the Gellert spa "and transformed the historic site into an open-air brothel," according to Handelsblatt.

The business newspaper reported that the women wore armbands: red for hostesses, yellow for sexual favours and white for prostitutes reserved for top executives and agents. Guests coming into the party were searched before entry and forbidden from taking cameras inside, according to one guest Handelsblatt interviewed.

The newspaper said the prostitutes would get a

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